Next Day Prep #323: Calm Index, Violent Current: Breadth Cracks Ahead of the Fed – Tuesday 9/15/2026

Episode summary

The S&P’s quiet half-percent decline masked a brutal internal rotation, with breadth collapsing to 29% and semiconductors down nearly 6% while software and security names surged on the same AI-safety headline. The desk downgrades to outright Bearish and lays out a defensive, leaders-only playbook for tomorrow’s Fed decision.